MANY COUNTRIES AIM TO IMPROVE THEIR LIVING STANDARD BY ECONOMIC DEVELOPMENT, BUT SOME IMPORTANT SOCIAL VALUES ARE LOST AS A RESULT. DO YOU THINK THE ADVANTAGES OF ECONOMIC DEVELOPMENT OUTWEIGH THE DISADVANTAGES?

Economic advancement is used as a tool for improving living standards by numerous nations, which results in the loss of social values. Personally, I believe that the advantages of economic improvement are more as compared to its disadvantages. On the one hand, the rise in economic evolution makes people more extravagant, they spend a lot, which put a financial burden on their lifestyle.

Moreover

,

this

factor

also

contributes to consumerism, and it is not good for the environment. So, economic improvement put negative effects on humans and the environment.

On the other hand

, the rise in income of people benefits them in many ways. The

first

and foremost is that it assists them to raise the living standard and fulfil all their demands and needs.

In addition

, not only can communities use the income to provide quality education to their children, but they can

also

contribute to the overall growth of the country, which builds the status of their respective country.

For instance

, in America, the average income of people is more as compared to Asian countries that are the reason the currency rate of that country is more as compared to other nations.

Therefore

, it is apparent that economic progress is a vital factor for the increase of individuals as well as countries. In conclusion,

although

evolution in the economy put some detrimental effects on the nation, I think that its result is more fruitful, which are indeed too great to ignore. So, these kinds of development should be taken into account by considering the drawback of

this

progress.